Upstart Personal Loans Review
In today’s economy, personal loans can be a great way to get the money you need for whatever purpose you have in mind. But with so many different loan providers out there, it can be difficult to figure out which one is right for you.
Enter Upstart Personal Loans, an online lender that offers competitive rates and terms without requiring a minimum credit score. In this review, we will take a closer look at Upstart’s product offerings and how they compare to other loan options on the market.
We’ll also cover the application process and customer service experience so that you can make an informed decision about whether or not Upstart is the best option for your needs.
Upstart is an online lending platform that offers personal loans to people with bad or poor credit (300 and above). The company was founded in 2012 by former Google employees, and it has since funded over $1 billion in loans. It was made on principles of leveraging AI to automate the borrowing process.
| Website | https://www.upstart.com/ |
| APRs | 6.50% – 35.99% |
| Loan Amount | From $1,000 to $50,000 |
| Loan Terms | From 36 to 60 months |
| Origination Fee | 0% – 8% |
| Prepayment Fee | No |
| Immigration Status Considered | U.S citizen or permanent resident living in the U.S. |
| Employment Statuses Considered | Employed full-time or part-time |
| Credit Score Range | 300 and more |
| Intended Use | Debt consolidation, medical expenses, unexpected costs, vacations, weddings. |
| Joint Loan Applications Accepted | No |
| Verification Documents Required | ID card, Social Security number, personal banking account. |
| Late Fee | 5% |
| Minimum Credit Score | 300 |
| Minimum Income | N/A |
| Loan Purpose | Personal use |
| Supported Income Types | Consistent income |
| Time to Receive Loan Money | One business day |
| Other Requirements | Must be over 18 years old |
Upstart Personal Loans Pros and Cons
When it comes to personal loans, there are a lot of different options out there. Upstart is one such option, and in this Upstart personal loans review, we’ll take a closer look at the pros and cons of this particular lender.
One of the biggest pros of Upstart is that they’re willing to work with borrowers who have less-than-perfect credit. If you have a good income and a steady job, but your credit score isn’t great, you may still be able to qualify for a loan from Upstart. They also have a quick and easy online application process, and you could get your money as soon as the next business day.
Pros:
- Quick funding
- Low credit score requirement
- No prepayment fee
- Easy application
On the downside, some people have complained about high-interest rates with Upstart loans. And while their customer service is generally good, there have been some reports of long wait times when trying to reach a representative by phone. Overall, though, Upstart is a solid choice for personal loans if you’re looking for flexibility on credit requirements.
Cons:
- High origination fee
- A late fee of 5%
- High fee lender
- Not so good customer service
What Are the Eligibility Requirements for Upstart Personal Loans?
In case you are interested in getting an Upstart personal loan, these are the requirements you must fulfill:
- Be a U.S. citizen or permanent resident
- Be at least 18 years old (19 in some states)
- Have a regular source of income
- Have a checking account in your name
- Not be currently employed by Upstart or have been employed by Upstart within the last 12 months
As we mentioned there are no special credit score requirements as these loans are designed for people with poor credit or no previous credit history. All in all, in case you have a bad credit score, with Upstart you can still get a desired loan since the minimum score is 300.
How Much Can You Borrow with an Upstart Personal Loan?
If you’re looking for a personal loan, Upstart may be a good option. Upstart offers loans of up to $50,000 and interest rates as low as 6.50%. But how much can you actually borrow with an Upstart personal loan?
The amount you can borrow with an Upstart personal loan depends on a few factors, including your credit score, income, and employment history. In general, the better your financial situation, the more money you’ll be able to borrow.
They also consider your education and work experience when determining how much money to lend you. So if you have a degree from a top university or extensive work experience in your field, you may be able to qualify for a higher loan amount.
All in all, it does depend on many different factors but the maximum amount you can borrow, as we have mentioned, is $50,000.
What Is the Interest Rate on Upstart Personal Loans?
Upstart offers personal loans with terms of 3 or 5 years and rates starting at 6.50% and going up to 35.99%. Loan amounts range from $1,000 to $50,000, but there is an origination fee of up to 8% but there are no prepayment penalties.
You can check your rate without impacting your credit score, and funding is typically available within 1-2 days after approval.
Overall, they are considered a high-fee lender but they are suitable for people who have bad or poor credit scores since you can get a loan even with a score of 300.
What Is the Repayment Term for Upstart Personal Loans?
It’s important to understand that not all lenders offer the same loan terms, with some offering longer ones while some offer shorter ones. In the case of Upstart, their loan terms range from 36 to 60 months.
Generally speaking, this is considered an average loan term in comparison to other personal loan lenders. So, if you are interested in working with them, now you know how long you will have to repay the loan back.
Is There an Origination Fee for Upstart Personal Loans?
Upstart offers personal loans with rates as low as 6.50% APR. Loan terms range from 36 to 60 months. Upstart does charge a late fee of 5% of the unpaid principal after 15 days, and returned payment fees of up to $15. On top of that, they do charge an origination fee that can go up to 8%.
With this said, in comparison to other types of lenders of the same type, they are looked at as a high fee lender. Yes, they do work with people who have bad or poor credit scores, but if you are not careful, you can end up in debt.
Does Upstart Personal Loans Require Collateral?
We all know that banks and many other lenders will require you to put collateral in order to secure the desired loan. The good news is that Upstart lender doesn’t require any collateral from your side.
This means that you will not be required to put your house, car, or jewelry in order to secure the loan that you need.
Is Upstart a Reputable Lender?
Upstart is a personal loan provider that has been in business since 2012 and offers loans to people with good credit. The company is headquartered in San Carlos, California.
Upstart has an A+ rating with the Better Business Bureau and is accredited by the BBB. The company has a 4.6 out of 5-star rating with over 3,000 reviews.
Whether or not Upstart is a “reputable” lender depends on your definition of the word. The company has positive ratings with both the Better Business Bureau and Trustpilot, and it is accredited by the BBB. It also has competitive rates and terms compared to other personal loan providers.
In case you want to find other good and reputable lenders, feel free to reach us. We are more than happy to assist you in finding the lender most suitable for you.
Upstart Personal Loans Summary
- Upstart personal loans are designed for borrowers with poor credit scores or no previous credit history.
- The amount you can borrow ranges from $1,000 to $50.000, with repayment terms ranging from 3 to 5 years.
- Upstart does not require collateral from its borrowers in order to qualify for a personal loan.
- The company is accredited by BBB and has an A+ rating
- They have a lot of positive reviews, with a Google rating of 4.6.
FAQs About Upstart Personal Loans
1. How long does it take to get funded by Upstart Personal Loans?
After getting approved, it should only take about 1 business day to get the funds deposited into your account.
2. What is the minimum credit score required for Upstart Personal Loans?
The minimum credit score required in order to qualify for an Upstart personal loan is 300.
3. How do I apply for Upstart Personal Loans?
You can apply for an Upstart personal loan on the lender’s website, but just make sure you fulfill other requirements first.
